I don't think it's a case of blackmail. truman used to have a sign on his desk, "The Buck stops here". Clinton signed off on the legislation and the lack of regulation.

So now it's all blown up, he's kinda doing a Bart Simpson, as if to say "I didn't understand what I was doing, it was those guys over there".

No Bill. It was the guy holding the pen in the Oval office. Nobody expects you to understand this stuff, but you are expected to have better advice by hiring more widely. If all the guys in the room agree with each other, your hiring policy was wrong. That's your fault Bill.